Callouts & quotes from 54+ activist slides

""longer works because FD is now a detriment to the combined entity's valuation, 3) management seems unwilling to acknowledge the asset is destroying value, so 4) while the only hope is activism at this point - given management's ongoing hope that FD can rebound - the potential for activism seems low...." — Barclays – August 30, 2018; "Finally, we have also begun to field questions from investors about management's ability to successfully turnaround Family Dollar and whether DLTR would consider other strategic options...we are growing concerned that such a heavy focus of time, capital, and opex is being spent on Family Dollar with little to no fundamental improvement and that it may be better spent on the core Dollar Tree segment." — Goldman Sachs – August 30, 2018; "The market's interest in sum-of-the-parts (SOTP) and a potential break-up clearly indicates that the wheels have come off the Family Dollar bull thesis. This turnaround has stalled much too early and the core business, while producing good top-line, is experiencing margin pressure...Family Dollar a Clear Disappointment: Three years after closing on this turnaround project, comps are weak, the productivity gap to DG is as large as ever, and margins are back-tracking after initial progress. We estimate the value destruction of this deal at $7 billion...We were not fans of this transaction from the start, and it's now clear that DLTR would have been much better off today if they had not done this deal." — Wells Fargo – July 11, 2018; "While very low likelihood, in our view, DLTR could go down the path of multiple price points at Dollar Tree or simply raising the single price point. This could be done with or without the divestiture of Family Dollar stores. While, on paper, we understand the attractiveness of such a move (better comps and profit dollar growth, temporarily) we don't see the current Board or management team as amenable." — Credit Suisse – June 12, 2018; "Family Dollar's performance has disappointed investors – We have been disappointed/frustrated with Family Dollar's progression.... A 10% premium to the market for Dollar Tree implies investors are essentially getting Family Dollar for FREE...In this case, investors have essentially attributed ZERO value to Family Dollar's 8,000 stores, $10 billion of sales and $512mmE of EBIT." — RBC – June 8, 2018; "The Dollar Tree concept has been highly successful, but there remains significant opportunity to unlock value by expanding price points and we see three reasons this catalyst could arrive sooner than expected...Lastly, we believe the moment of truth is here for Family Dollar, and failure to drive a more meaningful comp improvement could leave management searching for another source of growth." — Wells Fargo – May 18, 2018"

""And so I joined Danaher. And with the team there, we evolved the Danaher Business System to be far beyond factories. So over the last 14 years in Danaher -- and I'm sure you've seen that in investor presentations how much we, at the time, they know, talk about what we did on sales, on marketing, on service, on how to accelerate innovation and so on. All of those things are 100% applicable at Johnson Controls." — JCI Wolfe Conference 5/25/2025; "On the services side, it's all about ensuring that the value of delivering and the way we deliver that value, that strong customer relationship translates into strong project to service conversion, and we're quite pleased on what we're seeing there as well as our software solutions to where now you're able to decouple ourselves from the natural investment cycles, investment cycles are either building a new building or they have a refurbishment plan coming up." — HON Wolfe Conference 5/20/2025; "We built a very strong service organization with dedicated and centralized playbooks that help serve our customers with life cycle management solutions." — CARR Carrier's Analyst Day 5/19/2025; "And some of our customers want an OEM that stand behind the system and service the assets over its life, and hopefully, is there for the replacement down the line." — JCI BofA Conference 5/14/2025; "Finally, our technological capabilities and our product domains are impressive. Our capabilities are evidenced by our many industry firsts and nearly 8,000 patents with more coming. Johnson Controls has come a long way over the last several years. But as I said, there's still great potential to unlock in this iconic technology-based and service-enabled company." — JCI Q2'25 Earnings Call 5/07/2025; "Yes. I mean I think the service business, obviously -- these are very sophisticated systems. So think of it as, the more sophisticated the system, the more aptitude there is for the OEM to do the service work, I'd start with that." — TT J.P. Morgan Conference 3/11/2025; "So that's the strength of the equipment markets. It brings the service tail and that service tail doesn't really start in those first 2 or 3 years post installation, right? There's warranty periods, and we get through that warranty period and then the newer product probably needs a little bit less service, but you start growing that over time. The service dollars really bring that 8x to 10x the value of services versus the original equipment. That really starts kicking in a few years after installation." — TT Barclays Conference 2/19/2025"

""Our analysis of a theoretical model in which 80% of BWLD is franchised along conservative industry standards yields per share valuations significantly higher than BWLD's current share price" — Nick Setyan, Wedbush, 2/8/17; "[D]irectionally the activist plan is a much better plan than the one the current management team is focused on" — Howard Penney, Hedgeye, 8/18/16; "[T]he math [on a transition to a 90% franchised business model] looks intriguing, even when using what we think are conservative assumptions" — David Tarantino, Baird, 10/24/16; "[D]uring its Analyst Day...[Management] failed to address any changes to BWLD's long-term company/franchise store mix (now at 52% company-owned, which we believe should be reduced) by defending ongoing consideration of future franchise purchases (where we would hope for a re-franchising strategy)" — Paul Westra, Stifel, 8/16/16; "We like the potential for additional value-unlocking actions or a more drastic tack in strategy in-line with some of the ideas outlined in a recent 13D filing...Investors may look past downward revisions if the prospect of transformative action is on the table, but if this is called into doubt, fundamentals suggest a lower price for the stock" — John Zolidis, Buckingham, 9/15/16; "[A] falling [ROIC] as a result of higher capex could suggest a greater proportion of units would create more per share value as franchised units (e.g., where the same capex could be deployed for share repurchases)...Investors remain highly focused on the potential opportunity for BWLD to increase its franchise mix" — Karen Holthouse, Goldman Sachs, 8/4/16; "We view refranchising as a realistic alternative path to value creation for shareholders...Investors often forget BWLD was >65% franchised a few years ago. Our conversations with brokers that specialize in restaurant and franchisee transactions lead us to believe the appetite for most of BWLD's markets would be strong, and could command multiples towards the higher end of the 5-6x unit-level EBITDA industry standard"' — Nick Setyan, Wedbush, 9/12/16; "We believe investors would applaud the introduction of multi-year refranchising programs from Buffalo Wild Wings" — Jeff Farmer, Wells Fargo, 7/13/16; "'Logic' supports the premise that a franchise model is better insulated against economic volatility, generating a high margin annuity stream of royalties with limited operating volatility...We expect investors to further encourage (re)franchising / licensing at [BWLD]" — Jeffrey Bernstein, Barclays, 5/17/16"

""We think the most viable form of unlock would likely come via spin-off of Midstream....That said, we think it might make the most sense to not include refinery-related assets/EBITDA with the Midstream spin, given the integration with and commercial value to the company's refining business." — J.P. Morgan, February 2025; "However, when [the Company was] pressed on these points, some of the integration case fell apart, in our view. For example, management acknowledged that a midstream spin could be done tax-free." — TPH & Co, April 2025; "In our view, the potential (transformative) investment case for PSX comes down to a question of 1) the potential value uplift of a particular action, and 2) the likelihood of that action taking place. For example, on one end, the monetization of the European retail business is highly likely, but the shareholder impact is relatively modest. On the other end, a spin/sale of the Midstream business is by far the single largest source of potential value creation ($40B-$45B of proceeds at a potential multiple - 10x - that offers by far the largest multiple uplift/arbitrage), but is also the strategy to which the management has been the most strongly opposed." — Piper Sandler, February 2025; "We believe the strong valuations and ability for a standalone company to better capture growth opportunities in the sector make a Midstream spin/sale appealing, in our view." — T.D. Cowen, February 2025; "At our theoretical SOTP of $160/share (our DCF-based price objective is $147), selling some midstream assets could unlock value." — Bank of America, February 2025; "PSX is unlikely to ever receive sufficient credit for much of its marketing and midstream business...there is clearly value to be created via disposals, of which is the initial $3.0B plan is a good start." — Piper Sandler, November 2023"

"I think the world of the Phillips 66 refining employees, and I would love the opportunity to become a part of Phillips 66 again in a board role... — Brian Coffman, former CEO, Motiva, Elliott nominee for Phillips 66's board, April 8, 2025; This is a company that has good people, has a rich history, and great assets that don't necessarily belong together. — Sig Cornelius, former ConocoPhillips CFO, Elliott nominee for Phillips 66's board, April 22, 2025; Phillips 66 is a wonderful company with fantastic assets. And if we can change the corporate structure and unlock value, then I think that actually frees up every operation as a pure play... — Stacy Nieuwoudt, former energy and industrials analyst, Citadel, Elliott nominee for Phillips 66's board, April 15, 2025; They've got some of the best people that have been handcuffed and not allowed to succeed. — Mike Heim, co-founder of Targa Resources, Elliott nominee for Phillips 66's board, April 30, 2025; So, you've just got to give them the opportunity to spread their wings, go back out and repair a decade of damage or two decades of damage...and start to build the company again. — Mike Heim, co-founder of Targa Resources, Elliott nominee for Phillips 66's board, April 30, 2025; ...There is a pent-up frustration, but also pent-up creativity and excitement of the employee base [at companies like Phillips 66] that is just waiting to be unleashed. — John Pike, Elliott partner, head of global energy practice, May 15, 2025; We want to see this business [Phillips 66] thrive, and it would be our expectation that your career, your wealth, your sense of satisfaction at work would also thrive alongside of that. — Geoff Sorbello, Elliott's managing director of engagement, May 15, 2025"

""Management's initial announcement on asset sales and increased payouts to shareholders, while significant, appeared to undershoot the high expectations that had buoyed the share price at the start of the year" — Border to Coast. "Keisei initially announced it would sell 1% of its OLC stake, which disappointed the market. The value of the OLC stake has different meanings for different shareholders of Keisei; however, if it continues this path, they can unlock capital to fund growth in capex or return funds to shareholders." — MFS Investment Management. "In our view, Keisei Electric Railway is a discounted asset with the potential to unlock significant value by reducing its 20% stake in Oriental Land." — Franklin Templeton. "We also expect the company to monetize its 20% stake in Oriental Land, which equals Keisei's entire enterprise value" — Boston Common Asset Management. "The entire market capitalization of Keisei is $6.6bn, and they've got this $8bn post-tax investment sitting there. On top of that you're also getting this profitable rail business thrown in there basically for free." — Fidelity International. "The Fund considers that the valuation [of Keisei Electric Railway] is extremely inaccurate." — Sparx Japan Small-Cap Fund. "...it's remarkable that Keisei Electric trades at about a 50% discount to the value of that stake in Oriental Land, as well as the value of the land and the railway line business as well." — AVI Asset Value Investors. "Keisei Railways ... have significant latent value hidden in net cash or cross-holdings. Through the efforts of both ourselves and others, we believe this value has a strong chance of being unlocked amidst this new atmosphere of reform in Japan." — M&G Investments."

"“We see the most efficient means to maximizing shareholder value as spinning off the Engineered, Products & Solutions (Downstream) segment to capture the peak valuations of the aerospace cycle.” — Sterne Agee, March 13, 2014; “However, through a sum-of-the-parts analysis we believe significant investor value can be unlocked through re-rating segments.” — Sterne Agee, April 1, 2014; “Does it stick with its current integrated strategy? Or does it finally start listening to those who think the company should spin off its "downstream" Engineered Products & Solutions segment? [Dr.] Kleinfeld has never given much hope to those who think the company should break itself up.” — Gordon Haskett, April 9, 2014; “Investors were very focused on ways to separate the upstream and downstream businesses to create more value. AA’s management was vocal that it is ready to implement any strategic action to further enhance stakeholders’ value and has ran various iterations of possible scenarios, but to this point, has not identified a suitable solution which would generate more value.” — Goldman Sachs, May 28, 2014; “At this point in time, we feel that the structure is the one that adds the most value.” — Dr. Klaus Kleinfeld, Firth Rixson M&A Call, June 26, 2014; “At the risk of beating a dead horse, we'll mention [Dr.] Kleinfeld has typically answered this question by saying there are no sacred cows in the portfolio but AA's integrated model is synergistic and there are no plans to break things apart.” — Gordon Haskett, June 8, 2015; “...company announced split-up of company (finally).” — Mario Gabelli, September 28, 2015"

""I said to another CEO... who had called me and inquired about Nelson, that if I were to form the board today, Nelson would be one of the first Directors I’d ask to serve because he is an insightful, communicative, enthusiastic, energetic and available Director." — Bill Johnson, Heinz CEO from 1998 - 2013; "During his time at Disney, Rasulo was known for his blunt, forthright leadership style. He rose in prominence as CFO just as Disney was becoming more reliant on building out franchises like the animated 'Frozen' series and plugging them into Disney’s famous 'flywheel.'" — The Wall Street Journal, December 2023; "Nelson is a highly experienced and collaborative Board member who recognizes Unilever’s strengths and has a strong desire to help the company unlock its full potential." — Hein Schumacher, Unilever CEO from 2023 - Present; "Jay was always a maniac about excellence... [He] was an activator and a motivator." — Regynald Washington, former VP for Disney Parks and Resorts; "I thought that [Nelson Peltz] was a major contributor to our board...he comes up with ideas and he tries to challenge the CEO, but I always welcome his ideas, and I enjoyed a very good working relationship with him." — Dirk Van de Put, Mondelēz Chairman and CEO from 2017 - Present; "Trian's nomination of Jay Rasulo for 1 of 2 board seats (along with Peltz) killed two birds with one stone. As former CFO (predecessor to McCarthy), Rasulo is highly credible regarding Trian's 2 primary complaints - that Disney lacks efficiency, and that the Board lacks important expertise." — Wolfe Research Analyst, December 2023"

""I said to another CEO... who had called me and inquired about Nelson, that if I were to form the board today, Nelson would be one of the first Directors I’d ask to serve because he is an insightful, communicative, enthusiastic, energetic and available Director." — Bill Johnson, Heinz CEO from 1998 - 2013; "During his time at Disney, Rasulo was known for his blunt, forthright leadership style. He rose in prominence as CFO just as Disney was becoming more reliant on building out franchises like the animated 'Frozen' series and plugging them into Disney’s famous 'flywheel.'" — The Wall Street Journal, December 2023; "Nelson is a highly experienced and collaborative Board member who recognizes Unilever’s strengths and has a strong desire to help the company unlock its full potential." — Hein Schumacher, Unilever CEO from 2023 - Present; "Jay was always a maniac about excellence... [He] was an activator and a motivator." — Regynald Washington, former VP for Disney Parks and Resorts; "I thought that [Nelson Peltz] was a major contributor to our board...he comes up with ideas and he tries to challenge the CEO, but I always welcome his ideas, and I enjoyed a very good working relationship with him." — Dirk Van de Put, Mondelēz Chairman and CEO from 2017 - Present; "Trian's nomination of Jay Rasulo for 1 of 2 board seats (along with Peltz) killed two birds with one stone. As former CFO (predecessor to McCarthy), Rasulo is highly credible regarding Trian's 2 primary complaints - that Disney lacks efficiency, and that the Board lacks important expertise." — Wolfe Research Analyst, December 2023"

""This process will unlock the tremendous value of our real estate portfolio as we create two distinct public companies, which allows us, to attain a much lower blended cost of capital and allows us to move into markets and places and - where we cannot go today." — Peter Carlino, Chairman and CEO, Nov 16, 2012; "The Company's board of directors believes that a REIT conversion could provide substantial benefits to the Company and its shareholders given its significant real estate holdings." — Press Release, August 25, 2014; "Investors favor companies with greater strategic focus on our core businesses. We are exploring the opportunity to improve upon the excellent shareholder return created since MSG's spin-off over four years ago by separating our business into two companies, each with its own distinct value proposition for investors." — Tad Smith, CEO, October 27, 2014; "We believe the separation would provide a lower weighted average cost of capital and an attractive financial platform to take advantage of future opportunities to create long term shareholder value" — Anthony Sanfilippo, CEO, November 6, 2014; "We, together with our board, have been working with our financial and legal advisers, to make sure we are best positioned to increase shareholder value over the long term, including potentially, through the formation of a REIT." — Keith Smith, CEO, October 30, 2014; "The structure of the agreement enables us to capture the value of Red Lobster and establish a market validated valuation of its real estate" — Chuck Ledsinger, Lead Director of Darden's Board, May 16, 2014"

"Also, once fully deployed, we anticipate that we will reap the benefits from the implementation of our global ERP system, known as the Harmoni project, maximizing its full potential. — Q4 2021 Management Commentary. And a little bit specific to the ERP, SAP continues to be successfully deployed through the U.S. operations. And as we come to the end of this journey, we'll be able to capitalize on what a fully deployed division can do and unlock some of the synergies as we mature with the tools that's offered to us. And I got to say that standardizing some of our business practices will be the catalyst for those future efficiencies in our supply chain as well as our administrative tasks. — COO Colizza Q4 2021. During the quarter, we recorded an impairment charge on intangible assets of $43 million after tax, related mostly to our ERP project called Harmony. As part of the continuous evaluation of our overall activities, we decided to pause the project and delay the rollout in the Canadian division for a minimum of 3 years. This will allow us to reallocate resources to support and execute on our growth initiative of our global strategic plan. — Q3 2022 Management Commentary."

""In the event such sale-leaseback transaction were to occur, the Company would realize substantial proceeds from such sale, which would further enhance its liquidity." — Press Release, November 7, 2014; "So we have, since the beginning, believed that we have very undervalued real estate assets locked up inside the Hudson's Bay Company, and our job is to be able to show our shareholders the value of the substantial real estate assets that the Hudson's Bay company owns." — Richard Baker, CEO, September 12, 2014; "This strategic initiative positions Loblaw's core businesses well for the future. We expect the REIT to not only unlock value for our shareholders, but also increase our financial capacity to pay-down debt, buy back shares, and create a long-term source of capital to invest and grow." — Galen Weston, CEO, December 6, 2012; "Today's announcement regarding a REIT would increase CTC's financial flexibility, providing us with the ability to access funds at an attractive cost of capital as we continue to invest in and grow our business." — Stephen Wetmore, CEO, May 9, 2013"

""Agrium is attractive because JANA looks likely to win board seats" — Credit Agricole / CLSA, 12/14/12; "JANA's interest in Agrium has certainly been a boon for investors" — Financial Post, 12/21/12; "After speaking with four of the five directors that JANA Partners is nominating for Agrium's board, we came away impressed with the group's clear industrial distribution experience and competence and their ability to articulate the kinds of operational improvements they would seek to implement at Agrium Retail" — Barclays, 12/13/12; "While activist shareholder JANA Partners' proposals have been met with stiff resistance from Agrium management, we believe that significant shareholder value creation may come from surfacing some of the issues raised by JANA" — Piper Jaffray, 12/2/12; "JANA's proposed board members possess solid retail distribution experience and could help unlock value" — CIBC, 1/15/13; "JANA is nominating a retail ‘dream team’ to Agrium's board, which currently does not have one independent member with retail distribution experience" — Barron's, 11/26/12"

""We are not surprised to see the involvement of an activist...An activist investor presents Box with an opportunity to improve sales execution...We note that Box has one of the lowest sales efficiencies across our entire coverage universe." — D.A. Davidson, September 2019; "...we’re not at all surprised that value-oriented investors have taken a significant stake...with Box spending ~41% of revenue on sales and marketing (higher than most SaaS peers in the ~30% range), we think a shift towards margin expansion could provide an avenue for unlocking shareholder value." — Raymond James, September 2019; "Although we have maintained a positive view on Box’s positioning and product portfolio, the company’s go-to-market execution has been consistently disappointing...if the solution selling strategy under COO Stephanie Carullo fails to materialize in a meaningful reacceleration in growth, we would expect Starboard to increasingly pressure Box’s management team to reevaluate its growth vs. margin framework." — Wells Fargo, September 2019"

"Coffman and Heim offer focused experience in refining and midstream operations, which makes them logical additions. Cornelius has a well-rounded perspective of the industry...[Stacy] Nieuwoudt offers an important perspective through her experience as an industry investor and analyst. — ISS, May 12, 2025; Critically, we expect the identified Elliott nominees would challenge prevailing internal narratives which seem to belie, among other things, a disconcerting satisfaction with a less than laudatory operational arc, a staunch but otherwise questionable defense of an ineffective strategic tack and an increasingly dubious commitment to sound corporate governance. — Glass Lewis, May 10, 2025; Elliott's nominees possess a strong mix of best-in-class industry expertise and experience and have the potential to unlock value for shareholders... — Egan-Jones, May 1, 2025; The data does not support the board's argument that the integrated strategy results in superior returns over the long-term... — ISS, May 12, 2025"

""We agree with Elliott's assessment that there is more upside potential in the refining business...and we think Elliott's presence itself could refocus management towards this business." — J.P. Morgan, April 2025; "We agree that PSX's midstream does not reflect full value. We reinstated coverage of PSX in October and can attest that few midstream investors follow it, as it trades predominantly like a refining stock...selling some midstream assets could unlock value." — Bank of America, February 2025; "Refining performance certainly has significant room for improvement and is key to improving [Phillips 66's valuation] as well as to addressing investor concerns." — Citi, February 2025; "A spin/sale of the Midstream business is by far the single largest source of potential value creation, but is also the strategy to which the management has been the most strongly opposed." — Piper Sandler, February 2025"

"“Hyperscale Cloud and Infrastructure Partners. We have formed global strategic go-to-market alliances with hyperscale cloud providers including Amazon, Microsoft, and Google. In addition, we have strategic alliances with leading hardware infrastructure providers to deliver our software optimized for their technology such as Hewlett Packard Enterprise and Intel.” — C3 10-K Annual Report. “The tight integration of the C3 Platform with HPE’s ProLiant family of servers, including the HPE ProLiant for Microsoft Azure Stack, unlocks tremendous value for organizations across the globe and in every vertical market – enabling AI, machine learning, and deep learning while addressing governance, compliance, and security needs,” said Phillip Cutrone, VP and GM of the WW OEM Business at HPE. — C3.ai Announces Strategic OEM Partnership with Hewlett Packard Enterprise, press release, Oct 16, 2018"

""Refining performance certainly has significant room for improvement and is key to improving SOTP as well as to addressing investor concerns" — Citi Research, February 13, 2025; "We agree that PSX's midstream does not reflect full value...selling some midstream assets could unlock value." — Bank of America, February 14, 2025; "An activist shareholder, Elliott, can be a positive catalyst for shareholders." — Wells Fargo, November 29, 2023; "Most investors we talked to welcomed Elliott's involvement in PSX" — UBS, December 1, 2023; "[We believe] the letter will add a level of accountability for PSX to hit its cost targets." — T.D. Cowen, December 4, 2023; "Overall, we think Elliott's involvement should likely be an overall positive for PSX as an extra push towards the goals the company has already set out." — J.P. Morgan, November 29, 2023"

"We agree with Elliott’s assessment that there is more upside potential in the refining business...and we think Elliott’s presence itself could refocus management towards this business. — J.P. Morgan, April 2025; Where we agree with Elliott is that PSX is undervalued...we see no value for refining in the share price at current levels. — Wolfe Research, April 2025; We think that selling non-core assets, enhancing capital returns to shareholders, and improving refining profitability would result in significant outperformance. — TPH & Co., February 2025; We agree that PSX’s midstream does not reflect full value. We reinstated coverage of PSX in October and can attest that few midstream investors follow it, as it trades predominantly like a refining stock...selling some midstream assets could unlock value. — Bank of America, February 2025"

""[T]he stock the way we look at it, it's so dislocated relative to its sum-of-the-parts value. The question we consistently get is what ultimately is going to unlock that value. So, going back a couple of years, there was a talk about dis-integration and whether there is value in doing that. But Gary what are your latest thoughts there? I'm just saying if there is -- if the stock is just discounted relative to its sum-of-the-parts, how do you pull forward that value. Is MPC better together or apart?" — Neil Mehta, Goldman Sachs. "Well, you're right. Neil, the stock is discounted when you look at it on a sum-of-the-parts-basis. But I also want you to take a strong look at the first quarter's performance... I'd rather be invested in a company that has that type of a portfolio balance." — Gary Heminger, Marathon Petroleum Corporation."

"More than 350,000 backup portable power generators sold across the U.S. and Canada are being recalled after eight injuries, including seven finger amputations and one digit getting crushed, according to the U.S. Consumer Product and Safety Commission. An unlocked handle on the equipment can pinch a user's fingers against the generator frame when moving the product, posing finger-amputation and crushing hazards, Generac Power Systems stated in a notice posted Thursday by the CPSC. The Waukesha, Wisconsin-based company has received eight reports of injuries related to the 6,500-watt and 8,000-watt Generac portable generators. The Generac Power Systems products were purchased online and at major home-improvement and hardware stores from June 2013 through June 2021 for between $790 and $1,480 each, the company said. — CBSNews.com"

""The amount of FCF should continue to rise in the next two years, in spite of rising capex. As a result, we expect share repurchases/cancellations to recur every year, in addition to rising cash dividends." — Macquarie, July 28, 2016; "One way of unlocking this value could be a holding and operating company separation..." — Morgan Stanley, July 2, 2016; "However, given very modest or even negative market expectations, we see significant rerating upside potential if the company implements better shareholder returns, either proactively or pushed by minority shareholders." — Citi, October 27, 2015; "We believe SEC's significant non-operating asset value should become clear through proactive shareholder returns and the group restructuring process." — Barclays, October 7, 2015"

""Health Care is 3M’s most attractive business. Long-run organic growth, operating profit, capital intensity, and cyclicality are all better than the RemainCo." — Bernstein (September 2022); "Of 3M’s legacy portfolio, Health Care represented the largest and historically most profitable business within 3M given its highly defendable market positions" — William Blair (July 2022); "The planned Health Care spin-off, expected late 2023/early 2024, should unlock value... The Health Care spin-off will not have the litigation overhang currently facing 3M." — Bank of America (July 2023); "The Health Care spin may create value in the long run by ensuring that a decent chunk of MMM’s earnings are not subject to the liability question marks." — Barclays (July 2022)"

""...we’re not at all surprised that value-oriented investors have taken a significant stake... with Box spending ~41% of revenue on sales and marketing (higher than most SaaS peers in the ~30% range), we think a shift towards margin expansion could provide an avenue for unlocking shareholder value." — Raymond James, September 2019; "Margin profile is unfit for BOX’s current growth rate. With S&M at north of 40% of revenue, we should be seeing a greater impact in revenue and billings acceleration. Gross margin also continues to decline, coming in at 71.3% this quarter, in comparison to 72.3% last quarter." — Craig-Hallum, August 2019"

"“…we’re not at all surprised that value-oriented investors have taken a significant stake…with Box spending ~41% of revenue on sales and marketing (higher than most SaaS peers in the ~30% range), we think a shift towards margin expansion could provide an avenue for unlocking shareholder value.” — Raymond James, September 2019; “Margin profile is unfit for BOX’s current growth rate. With S&M at north of 40% of revenue, we should be seeing a greater impact in revenue and billings acceleration. Gross margin also continues to decline, coming in at 71.3% this quarter, in comparison to 72.3% last quarter.” — Craig-Hallum, August 2019"

""And then you have ozanimod, GED-0301. Both of those - as I mentioned before, ozanimod is a $4 billion to $6 billion asset. GED-0301 for Crohn's disease could be transformational as well. In our opinion, it's probably a multi-billion dollar asset as well." — Patrick Flanigan, Corporate VP – Investor Relations, March 2017; "Focusing on execution, the NDA for ozanimod in RMS was submitted on the heels of two positive global Phase III studies. We are currently building out a strong neuro-inflammation team to execute a launch and unlock the value of this important product." — Scott Smith, President & COO, January 2018"

""Importantly, we'll have strong cash flow generation as a result of this transaction, about $1 billion in operating cash flow in the second year and accelerating...." — Acquisition of Bayer by Elanco 8/20/2019; "Looking at our returns, Elanco will generate significant cash flow and exercise strong cash management to pay down debt, reducing interest cost as quickly as possible, increasing optionality of the business and most importantly delivering double digit EPS growth to unlock value for you, our shareholders." — Elanco 2020 Investor Day 12/15/2020"

"“Elliott renewed its call, first made in November 2023, for PSX to close its EBITDA/bbl gap vs. peers including VLO and MPC on a like-for-like basis.” — Citi Research, February 13, 2025; “An activist shareholder, Elliott, can be a positive catalyst for shareholders.” — Wells Fargo, November 29, 2023; “We agree that PSX’s midstream does not reflect full value...selling some midstream assets could unlock value.” — Bank of America, February 14, 2025; “Most investors we talked to welcomed Elliott's involvement in PSX.” — UBS, December 1, 2023"

""With Kao's world-class brands, the Company can, and should, be a global leader. However, unlocking this potential requires an ambitious, growth-oriented strategy led by an independent and highly-qualified Board. Shareholders now face a clear choice: support the election of outside directors with the expertise needed to drive growth, or maintain the status quo. There is no downside risk -- only the opportunity to strengthen Kao's leadership, focus, and strategic direction." — Seth Fischer, Founder & Chief Investment Officer of Oasis"

"“With the anticipated sale of INVISTA, DuPont will be a smaller company with the potential for higher growth and profitability...But unlocking that potential means doing things differently. If we are to meet our earnings growth objectives – which we will – we cannot support the complexity and cost entailed by diverse and specialized organizations and processes. The actions we are announcing today are necessary to ensure the near- and long-term competitiveness of DuPont.” — Press release, 12/1/2003"

""With the anticipated sale of INVISTA, DuPont will be a smaller company with the potential for higher growth and profitability...But unlocking that potential means doing things differently. If we are to meet our earnings growth objectives – which we will – we cannot support the complexity and cost entailed by diverse and specialized organizations and processes. The actions we are announcing today are necessary to ensure the near- and long-term competitiveness of DuPont." — Press release, 12/1/2003"

""With the anticipated sale of INVISTA, DuPont will be a smaller company with the potential for higher growth and profitability...But unlocking that potential means doing things differently. If we are to meet our earnings growth objectives - which we will - we cannot support the complexity and cost entailed by diverse and specialized organizations and processes. The actions we are announcing today are necessary to ensure the near- and long-term competitiveness of DuPont." — Press release, 12/1/2003"

""With the anticipated sale of INVISTA, DuPont will be a smaller company with the potential for higher growth and profitability...But unlocking that potential means doing things differently. If we are to meet our earnings growth objectives - which we will - we cannot support the complexity and cost entailed by diverse and specialized organizations and processes. The actions we are announcing today are necessary to ensure the near- and long-term competitiveness of DuPont." — Press release, 12/1/2003"

"With the anticipated sale of INVISTA, DuPont will be a smaller company with the potential for higher growth and profitability... But unlocking that potential means doing things differently. If we are to meet our earnings growth objectives - which we will - we cannot support the complexity and cost entailed by diverse and specialized organizations and processes. The actions we are announcing today are necessary to the near- and long-term competitiveness of DuPont. — Press release, 12/1/2003"

"As we look ahead to 2025, we remain steadfast in executing on our vision. We are a growth company with no shortage of growth opportunities. We will unlock value for new customer use cases, including seafarers, micro-businesses, and high-amount senders, all of whom have distinct needs that we are uniquely positioned to serve. We can serve additional use cases with minimal incremental investment given the strength of our platform. — Remitly CEO, Q4'24 Call (Feb 2025)"

"As we look ahead to 2025, we remain steadfast in executing on our vision. We are a growth company with no shortage of growth opportunities. We will unlock value for new customer use cases, including seafarers, micro-businesses, and high-amount senders, all of whom have distinct needs that we are uniquely positioned to serve. We can serve additional use cases with minimal incremental investment given the strength of our platform. — Remitly CEO"

""We believe a separation of our retail business from the remainder of Valero by way of a tax-efficient distribution will create operational flexibility within the businesses and unlock value for our shareholders... As independent companies, both retail and the remaining business will be better-positioned to focus on their industry-specific strategies." — Bill Klesse, Valero Chairman and CEO, July 31, 2012"

""By positioning ourselves as a "one-stop" environmental services provider, we plan to leverage our diverse service offerings to unlock potential cross-selling opportunities across our business lines. As we execute on our growth strategies, we will continue to leverage our scalable capabilities to manage costs and drive higher operating margins." — GFL Environmental"

"“... nearly 50% of our order volume is now being fulfilled out of our Ohio pharmacy and fulfillment center...I'm excited to share by year-end 2022, we believe nearly 100% of our services and treatments will be filled via our verticalized infrastructure, further unlocking efficiencies and capabilities consumers are looking for.” — CEO Dudum on Q2 2021 Earnings Call"

"Hess is unmistakably materially undervalued, with oversight and discipline lacking. But at the end of the day, everyone wants to see Hess succeed. I believe my background and experiences have particular relevance to the difficulties at Hess and believe I can make a substantial contribution to unlocking the upside potential at Hess. — David McManus"

"I've never had a management team suggest to me that their stock was fully valued. That just inherently highlights the disconnect between the investor mindset and the management. When investors see there's such an obvious opportunity to unlock value and management saying, 'Oh, we're fully valued.' — Stacy Nieuwoudt"

""[We] have decided to reshape our company and stay true to our strategy. We plan to simplify BHP Billiton's portfolio with a demerger and unlock value for shareholders as we focus even more on our largest businesses, reduce costs and improve productivity more quickly...." — Andrew Mackenzie, CEO, February 18, 2014"

"“While unfortunate, this disappointing trajectory has created a historic opportunity: With the right mindset and an appropriately ambitious turnaround plan, PepsiCo today represents a rare chance to revitalize a leading global enterprise and unlock significant shareholder value,” — Elliott Investment Management"

""We're going to decentralize decision-making ... having an operator-centric culture, where we would push down decision-making into the organization further, trying to unlock some of the entrepreneurial spirit of the people that we have." — Bill Oplinger, CFO, Alcoa Corp., November 16, 2016"

"In summary, the dissident has assembled a strong slate, which has the experience and independence that PSX requires. — ISS; Elliott’s nominees possess a strong mix of best-in-class industry expertise and experience and have the potential to unlock value for shareholders... — Egan-Jones"

"Proxy advisor Egan-Jones recommends Elliott's highly qualified board nominees Brian Coffman, Sigmund Cornelius, Michael Heim and Stacy Nieuwoudt at Phillips 66 (NYSE: PSX). "Urgent change is needed in the boardroom to unlock the Company's full potential." — Streamline 66"

"Bri Scholtz: Welcome to the Streamline 66 Podcast where we bring you the latest in Elliott Investment Management’s effort to unlock value at Phillips 66. Joining me today is Brian Coffman, who brings over four decades of refining expertise."

"We think potentially material upside [for Capricorn] could also be unlocked in the case of securing 'modernised' fiscal terms in Egypt. Such ad-hoc agreements improved APA's and Eni's onshore NPV10s by >50%. — BofA Securities (14 June 2022)"

"I think history shows us that breaking up large energy companies is not only possible, but it also unlocks significant value. We've seen this time and time again in energy... — Stacy Nieuwoudt"

"Breaking up large energy companies is not only possible, but it also unlocks significant value. — Stacy Nieuwoudt, Elliott nominee for Phillips 66's Board and former energy investor"

"“…we believe there is underappreciated potential for Cognizant to unlock value as it matures and evolves its capital allocation.” — J.P. Morgan, September 2016"

"Stacy Nieuwoudt, Elliott nominee for Phillips 66’s (NYSE: PSX) Board, explores how breaking up large energy conglomerates can unlock significant value."

"consistently evaluate all options to unlock value in all of our assets, and that includes TheFork — Tripadvisor management (Q3 FY2025 earnings call)"

"VETERAN ENERGY EXECUTIVE GREGORY GOFF BACKS ELLIOTT'S PLAN TO UNLOCK VALUE AT PHILLIPS 66"